Education and Career Forum

I want to know about the details of the education loan scheme for my ICSI course in Allahabad Bank. I am going to apply for ICSI course, I am already graduate and I need to get an education loan for this course. Kindly let me know about Allahabad Bank education loan scheme for this course.

Applicants can get an education loan at if floating rate of interest of 12.5% per annum.
Female can also get a concession of 0.50% per annum on the interest rate.

There is no margin money required for the study loans up to rs 4 lakh. For more than rupees 4 lakhs the margin money that the applicant has to pay from his or her side is up to 15% for abroad education and 5% for study in Indian colleges.

The bank can provide up to rupees 15 lakhs for studies in India and up to rupees 25 lakhs for studying abroad.

Student should be an Indian citizen and students should have secured admission to professional or technical courses in India or abroad.

Details of Allahabad Bank Education Loan scheme for ICSI course?

Interest Rates 9.05% - 13.65%
Loan Amount INR 50,000 - INR 7.5 Lakh
Tenure 5 Years
Processing Fees 1.22% of loan Amount, Minimum INR 1,228
Pre-closure Charges 2.25% of outstanding balance only in case of takeover
Guarantor Requirement Guarantor Required
Minimum Income INR 20,000 p.m.

In order to get an education loan candidate must have taken admission in the aforementioned course.

As soon as they get the confirmation letter from the college they can apply for loan.

Candidate needs to have secured admission on the basis of merit as well as entrance exam.

Banks grant loan upto 10 lacs for Indian colleges and 20 lacs for abroad colleges.

Details of Allahabad Bank Education Loan scheme for ICSI course?

Loan Tenure - For up to INR 7.5 Lakhs: up to 10 Years
Above Rs.7.5 lakh: Moratorium period + 15 years

Interest Rate - 12.50% per annum with 0.5% concession for girls

Moratorium Period - Either after the course completion or 1 year after the student gets a job

Margin Money - Up to INR 4 Lakhs- Nil
For more than INR 4 Lakhs- 15% for studying abroad and 5% for Indian college/university.